Bitcoin (BTC) saw considerable fluctuations over the weekend. It briefly pushed above $60,000 as market sentiment showed signs of shifting, resulting in a temporary jump of 6%.
BTC is currently down almost 3%, slipping below $60,000 during early trading. Meanwhile, Ethereum (ETH) fell below $2,300 as trading began, dropping as low as $2,259 and almost 6% over the past 24 hours.
Other major cryptocurrencies, including Carnado (ADA), Dogecoin (DOGE), Toncoin (TON), Polkadot (DOT), Uniswap (UNI), Solana (SOL), and FET have also opened the week in the red, registering substantial drops over the past 24 hours.
Crypto Markets Await FOMC And Powell Speech
The crypto market is set to enter yet another crucial week as speculation mounts about a 50 bps rate cut by the Federal Reserve, which could significantly impact the broader financial markets. Additionally, Federal Reserve Chair Jerome Powell is set to speak after the FOMC meeting in a speech expected to provide insight into the central bank’s stance on policy rate plans. With the recent US CPI and PPI inflation numbers, markets are betting on a 0.5% Fed rate cut during the upcoming meeting.
As a result, the broader financial markets have registered an uptick, as US markets notched their best trading week since last September. BTC’s brief push above $60,000 also hinted at an increasing risk-bet appetite of market participants. The CME FedWatch tool has allotted a 50% probability for a 50 bps rate cut. At the same time, the odds for a smaller rate cut of 0.25% are also the same.
Federal Reserve Chair Jerome Powell is also set to speak following the FOMC meeting on September 18, an event the crypto market will keep a keen eye on. The Fed Chair is expected to take a dovish stance. Still, any other move could significantly hamper broader market sentiment, especially after BTC and other major altcoins registered a recovery last week in anticipation of a larger interest rate cut.
Bitcoin (BTC) Poised For Huge Rally
Meanwhile, Michael van de Poppe anticipates that the crypto and commodities markets are poised for a massive rally fueled by an upcoming surge in global liquidity, driven by debt refinancing, which could lead to a Bitcoin bull run. The analyst believes crypto and commodities are highly undervalued, noting that commodities were last seen at similar levels in 2000 and 1971.
“Commodities & crypto are extremely undervalued, and it’s likely that commodities go into a 10-year-long bull market. I’m expecting a lot of upside from these two asset classes.”
A growing number of analysts anticipate a BTC breakout in October, with the Federal Reserve’s September 18 meeting acting as a potential catalyst. BTC is flashing signals hinting at a surge to the $100,000 and $150,000 range by 2025. This is because the cryptocurrency’s recent price action displays an array of technical indicators aligning with a breakout. The most notable pattern on the chart is that of the “cup and handle.” The cup and handle is a classical technical formation that suggests continued bullish momentum.
Other indicators, such as BTC’s weekly Bollinger Bands Width (BBW), have been contracting since June. This indicates low volatility, which has preceded significant price movements. Momentum oscillators such as the Stochastic RSI and the RSI also hint at oversold conditions.
SEC Comes In For Criticism
The Securities and Exchange Commission (SEC) came under criticism from Coinbase’s Paul Grewal and Ripple’s Stuart Aldertoy for its inconsistent and confusing approach to crypto asset regulations after it admitted it may have caused confusion by repeatedly stating that tokens are securities. Grewal highlighted a footnote from the SEC’s amended complaint against Binance, which stated,
“The SEC regrets any confusion it may have invited’ by falsely and repeatedly stating that tokens themselves are securities.”
Responding to Grewal, Ripple’s legal chief stated,
“So the SEC finally admits that 1/‘crypto asset security’ is a made up term and 2/ to prove a ‘crypto asset security’ is an investment contract, the SEC needs evidence of a bundle of ‘contracts, expectations, and understandings’? Ripple’s case is over, but the ‘fair notice’ defense is still alive for others. The SEC cites the 2017 DAO report as industry notice that ‘crypto asset securities’ are subject to US securities laws.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) registered considerable movement last week and over the weekend, amassing a 6% increase as it climbed above $60,000. However, this jump was short-lived as BTC fell back, with the price down almost 3% over the past 24 hours. BTC was relatively positive over the previous week, recovering from a low of $52,622, which it fell to last Friday. By Monday (September 9), BTC was back above $57,000, with buyers pushing it to a day high of $58,092, testing the resistance at that level. Despite the positive start to the previous week, BTC could only push above $58,000 on Thursday, thanks to sellers actively defending the level, preventing buyers from pushing higher as demand dried up.
Source: TradingView
After facing significant selling pressure on Wednesday, BTC recovered strongly on Thursday as sellers pushed above $58,000 and settled at $58,176. Buyer sentiment picked up after BTC pushed above $58,000. As a result, Friday saw BTC move above the 20-day SMA and the 50-day SMA to go past $60,000 and settle at $60,479. Buyers were expected to defend the $60,000 level vigorously, and unsurprisingly, selling pressure increased over the weekend as sellers attempted to push BTC back below the 50-day SMA. BTC did not slip below the 50-day SMA on Saturday but lost the $60,000 level, declining by 0.88% and settling at $59,949. Sellers continued to dominate on Sunday, pushing BTC below the 50-day SMA as it dropped to $59,165. With markets opening in the red, the current session sees BTC down almost 1% as sellers look to lower the price.
BTC had slipped to a low of $58,143 early in the session. However, buyers pushed back, allowing BTC to climb to its current level of $58,762. Buyers will look to keep BTC above $58,000, counter selling pressure, and prevent a drop to $55,000. Should BTC recover during the ongoing session, we could see a retest of the $60,000 level. On the other hand, if sellers are successful in pushing BTC below $58,000, a drop back to $55,000 can be expected. Buyers have the upper hand with the MACD, which is currently bullish, but that could change the longer sellers remain in control.
Ethereum (ETH) Price Analysis
Ethereum (ETH) continued its struggles as bearish sentiment intensified over the weekend, pushing it to a low of $2,287 on Sunday. With markets in the red, ETH has remained in the red during the current session as sellers look to drive the price lower. The altcoin has been down over 5% over the past 24 hours as it looks to reclaim the $2,300 level. According to data from TradingView, ETH’s price collapse has resulted in the ETH/BTC ratio dropping to its lowest level since April 2021, falling to 0.038 on September 16.
Source: TradingView
ETH struggled to push above $2,400 last week despite making a strong recovery after dropping to a low of $2,150 last Friday, a level at which buyers thronged the market to push ETH higher. By Tuesday, ETH had recovered and risen to $2,389, but it fell back on Wednesday as the resistance at $2,400 came into play, and ETH saw active selling. Sellers attempted to drag ETH below $2,300 but could not do so, thanks to strong support. As a result, ETH recovered on Thursday, registering an increase of 0.91%, and settled at $2,363. ETH pushed $2,400 on Friday, registering an increase of 3.34% and settling at $2,442.
However, with the 20-day SMA coming into play, ETH fell back into the red over the weekend. ETH registered a 0.91% drop on Saturday and a substantial 4.21% drop on Sunday to slip back below $2,400 and settle at $2,318. The current session sees ETH down just over 1%, trading at $2,294. ETH has strong support at $2,300; buyers will look to reclaim this level to prevent further downside. However, if sellers continue to dominate, ETH could slip below $2,200 and drop to $2,150 or $2,100.
Solana (SOL) Price Analysis
Solana (SOL) has been down almost 5% over the past 24 hours after failure to push above $140. It was seen slip back into the red over the weekend, with sellers looking to drive it below $130. SOL was largely in the green last week after recovering from a low of $120, rebounding strongly to reclaim $130 by the beginning of last week, rising to $135. However, SOL faced considerable resistance and was unable to make any substantial push above this level, falling to a low of $128 on Wednesday before recovering on Thursday and settling at $136.
Source: TradingView
SOL faced intense selling pressure on Friday as it fell to a low of $131. However, it rebounded from this level, moving past the 20-day SMA and settling at $139 after an increase of 2.25%. However, with strong resistance at this level, SOL fell back into the red over the weekend, registering a 1.96% drop on Saturday. Selling pressure intensified on Sunday as SOL dropped over 4% to slip below the 20-day SMA and settle at $131.53. The current session sees SOL down marginally as sellers look to drive it below the $130 support level.
Buyers are expected to defend the $130 level and prevent a further decline. However, if SOL slips below this level, a decline to $120 can be expected.
Toncoin (TON) Price Analysis
Toncoin (TON) registered an incredible increase of almost 14% over the past seven days, despite its upward push stalling over the weekend after encountering strong resistance around $6. TON was extremely bullish last week as it surged on Monday, reaching a day high of $5.69. However, buyers could not sustain momentum, and TON eventually settled at $5.25, registering an increase of 6.12%. TON surged past the 20-day SMA on Tuesday, rising by 5.65% and settling at $5.55. However, after encountering resistance, the price fell back on Wednesday, dropping to a low of $5.15 before recovering and settling at $5.39, back above the moving average.
Source: TradingView
TON attempted a move past the resistance at $5.60 on Thursday but eventually settled at $5.58 after an increase of 3.43%. It finally broke past this level on Friday, rising by 4.25% and settling at $5.81. Buyers attempted a move to $6 but lost momentum after reaching a high of $5.93, with the 50-day SMA coming into play as resistance. TON fell back over the weekend as demand dried up, dropping 2.38% on Saturday and 2.24% on Sunday to slip back below $5.60 and settle at $5.55. The current session sees TON up by 0.80% after sellers failed to lower the price. Buyers will look to reclaim $5.60. If TON can consolidate above this level, a push above the 50-day SMA to $6 could be possible.
However, if sellers retake control, TON could slip to $5.30, where the 20-day SMA could act as support. Should TON continue to drop, its next support level lies at $5.
Polkadot (DOT) Price Analysis
Polkadot (DOT) stalled over the weekend, as its impressive recovery was abruptly halted at $4.50, a level where it faces considerable resistance. DOT started the previous week on a positive note, rising to $4.29 on Monday after an increase of almost 3%. However, with the 20-day SMA coming into play, DOT turned bearish, dropping by 0.93% on Tuesday and tanking to a day low of $4.07 on Wednesday. However, DOT rebounded from this level, pushing above the 20-day SMA on Thursday and settling at $4.30 after registering an increase of 2.63%.
Source: TradingView
DOT continued to push higher on Friday as it set its sights on $4.50, registering an increase of just over 3% to settle at $4.43. Sellers attempted to take control on Saturday as selling pressure grew. As a result, DOT dropped to a low of $4.35. Sellers lost momentum, allowing buyers to regain control, but with strong resistance at $4.50, DOT could register only a marginal increase and settle at $4.44. Buyers lost steam on Sunday after a push above $4.50 failed to materialize. DOT fell back into the red after reaching a high of $4.56, as sellers drove the price back down. It eventually settled at $4.40 after a drop of 0.90%.
As seen in the price chart, sellers attempted to drive DOT below the 20-day SMA during the current session. As a result, DOT fell to a low of $4.24 before recovering and climbing to its current level of $4.34. Buyers will look to regain control of the session and test the $4.50 level once again. On the other hand, sellers will look to push DOT down to $4, but first, they will have to overcome potential support at the 20-day SMA.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) continues to trade in a narrow range, with neither buyers nor sellers able to dictate the session. As a result, WIF has oscillated between $1.50 and $1.70 for most of the previous week. WIF dropped to a day low of $1.49 on Wednesday but quickly recovered. By Friday, it had risen above the 20-day SMA to settle at $1.63 after an increase of just over 5%.
Source: TradingView
However, WIF had been facing significant resistance at $1.60, and with a downward-sloping 50-day SMA coming into play, it fell back into the red on Saturday, dropping over 4% to slip below $1.60 once again and settle at $1.56. The price continued to drop on Sunday as WIF registered a drop of 4.19% to slip below the 20-day SMA and settle at $1.50. The current session sees WIF up by just over 1% as buyers look to push it back toward $1.60.
Ripple (XRP) Price Analysis
The past week, Ripple (XRP) saw a substantial surge, allowing it to push above a crucial resistance level and the 20, 50, and 200-day SMAs. XRP had dipped to a low of $0.50 last Friday before rebounding and starting a steady recovery, reaching $0.53 by Tuesday. After registering a drop of just over 1% on Wednesday, XRP registered a sharp uptick on Thursday, pushing above the 20 and 200-day SMAs to settle at $0.56. A 1.99% increase on Friday saw XRP push above the 50-day SMA and settle at $0.57.
Source: TradingView
XRP started the weekend on a positive note, registering an increase of 3.92% to move to $0.59, as buyers looked to push above $0.60. However, strong selling pressure at this level saw XRP fall back into the red on Sunday, ending the weekend at $0.57 after a drop of 4.04%. The current session sees XRP marginally up as buyers and sellers look to establish control. Buyers will look to keep XRP above the 50-day SMA. Should XRP consolidate above it, we could see a retest of the resistance at $0.60. On their part, sellers will look to drive XRP below $0.55.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/09/crypto-price-analysis-9-16-btc-eth-sol-ton-dot-wif-xrp